Russia Cracks Down on Crypto Market with Draft Regulation Law
Russia's cryptocurrency market has reached an estimated $648 million in daily transaction volume, according to Deputy Finance Minister Ivan Chebeskov. This figure puts Russia's annual cryptocurrency turnover above $130 billion.
The majority of this activity is taking place outside a regulated framework, with nearly all transactions occurring without permission or oversight.
Chebeskov stated that a draft law to regulate cryptocurrency transactions could be filed with the State Duma as early as March. The finance ministry and Central Bank of Russia are pushing for the legislation's adoption during the spring session, with a July 1 deadline for passage.
The proposed framework will focus primarily on exchanges, imposing penalties on trading platforms that fail to secure operating permits. Banks and brokers would be allowed to offer cryptocurrency services under existing licenses, while standalone cryptocurrency platforms would need separate authorization.